Important events on the energy calendar
The US energy sector contributed to ~6.3% of the S&P 500 (SPY) on May 19, 2017. Oil and gas are major parts of the energy sector. Oil and gas producers’ earnings like QEP Resources (QEP), Denbury Resources (DNR), and Cobalt International Energy (CIE) depend on crude oil (IXC) (IYE) (VDE) and natural gas (FCG) (UNG) prices. For the latest updates on crude oil prices, read Part 1 and Part 4 of this series.
Oil and gas prices are driven by catalysts such as inventories and supply and demand data. Let’s take a look at some important events for the energy sector this week.
Tuesday, May 23:
- The API (American Petroleum Institute) will release its crude oil inventory report.
Wednesday, May 24:
- The EIA (U.S. Energy Information Administration) will release its Weekly Petroleum Status report. Read US Crude Oil Inventories Fell in the Last 6 Weeks for more information on the latest report.
- The EIA will release its “This Week in Petroleum” report.
Thursday, May 25:
- The EIA will release its Weekly Natural Gas Storage report.
- The EIA will provide its Natural Gas Weekly Update report.
- OPEC (Organization of the Petroleum Exporting Countries) will hold its bi-annual meeting in Vienna. Read Crude Oil Prices Skyrocket as OPEC Agrees to Cut Production for more information on the previous meeting.
Friday, May 26:
- Baker Hughes will release the US crude oil rig count.
- Baker Hughes will release the US natural gas rig count.
In the next part, we’ll take a look at the crude oil market’s highs and lows in the last 15 months.